Private Client FAQ’s

IF I DECIDE TO OPEN A FOREIGN EXCHANGE ACCOUNT, HOW MUCH WILL IT COST AND HOW MUCH WILL I PAY FOR ANY CURRENCY PURCHASED?

There are absolutely no costs or obligation to trade associated with opening an account with FC Exchange.

Once you have opened an account, should you decide to go ahead and purchase currency, there are a number of payment methods we accept for your convenience:-

  • Same day bank transfers
  • Online transfers can clear within 2 hours if your bank (as most are) is signed up for Faster Payments. Some can take up to 3 working day’s clearance period if made by BACS – most set a daily limit of £10,000 but check with your bank as this can vary
  • Because time zones are country-specific, transfer times are dependent on the banking hours of the destination you are transferring currency to and from
  • Currency transfers in the US and Western Europe generally take 1 to 2 days
  • Currency transfers outside of the US and Western Europe generally take up to 3 days
  • Unfortunately for security and compliance reasons, cash is not an accepted payment method.

HOW LONG DO CURRENCY TRANSFERS TAKE, HOW MUCH DOES IT COST FOR ME TO TRANSFER THE CLEARED FUNDS, AND IS THERE A MINIMUM TRANSFER AMOUNT?

On receipt of the cleared funds, your currency will be sent electronically to the designated bank account of your choice. We do not charge for currency transfer services, however for transfers below £10,000.00 there is a £10 admin fee.

HOW SAFE IS MY MONEY?

The short answer is: very safe. Your funds are held segregated and secure client accounts, which are used to bank funds until such time that we receive written confirmation from you specifying where you would like your money to be transferred to. Your money is completely untouched until that point. Our partners, FC Exchange, are authorised by the Financial Conduct Authority and regulated by HMRC.

WILL I WORK WITH A DEDICATED DEALER AND CAN YOU WATCH THE CURRENCY MARKETS ON MY BEHALF?

Unlike banks where you can speak to numerous people about a single trade, you will be assigned your own FC Exchange broker so that you always have the same contact point. They will actively monitor the currency market and execute the trade on your behalf when instructed to do so. Our “rate watch” service also allows you to set limit orders if favourable market movements occur or if you wish to realise a specific rate that you can indicate in advance.

For more information click here